BUTTERFIELD CAPITAL: Creditors' Proofs of Debt Due June 29BUTTERFIELD CAPITAL: Members' Final Meeting Set for July 17BUTTERFIELD SYSTEMATIC: Creditors' Proofs of Debt Due June 29BUTTERFIELD SYSTEMATIC: Members' Final Meeting Set for July 17

CADFILE LTD: Creditors' Proofs of Debt Due July 3CHINESEWORLDNET.COM INC: Auditor Raises Going Concern DoubtLAPSTONE LIMITED: Creditors' Proofs of Debt Due June 27OUCHY CORPORATION: Members' Final Meeting Set for July 6PACIFIC MINING: Creditors' Proofs of Debt Due June 29

LIAT: Incurs US$1.1 Billion in Losses Due to Fire-------------------------------------------------Jamaica Observer reports that a huge fire which destroyed one ofregional airline Leeward Islands Air Transport (LIAT)'s aircraftand some buildings is estimated to have resulted in EC$35 million(US$1.1 billion) in insured losses.

Law enforcement authorities in Antigua were, up to press time,still investigating the cause of the fire at VC Bird InternationalAirport, which took out a Dash 8-300 aircraft (V2 LGH), a hangarand two office buildings, according to Jamaica Observer.

Jamaica Observer notes that the airline said that it wouldcontinue to maintain normal operations throughout its network.

Headquartered in V. C. Bird International Airport in Saint GeorgeParish, Antigua, Leeward Islands Air Transport, known as LIAT,operates high-frequency interisland scheduled services serving 22destinations in the Caribbean. The airline's main base is VCBird International Airport, Antigua and Barbuda, with bases atGrantley Adams International Airport, Barbados and PiarcoInternational Airport, Trinidad and Tobago.

* * *

As reported in the Troubled Company Reporter-Latin America onJan. 3, 2012, Antigua Caribarena related that former AntiguaAviation Minister Robin Yearwood wants to see a merger betweenLeeward Islands Air Transport (LIAT) and the Trinidad and Tobago-owned Caribbean Airlines Limited, as he believes this is the onlyway the Antigua-based regional carrier can survive. Mr.Yearwood's call came against the background of media reports outof Port of Spain that suggested CAL's management may be eyeingexpansion into the OECS territories, according to AntiguaCaribarena.

The suspension will affect the majority of the factory's workersand will last for two days, according to Buenos Aires Herald.

"Fiat told us they are lacking certain autoparts due to importrestrictions," the report quoted SMATA spokesman Leonardo Almadaas saying.

During the 48-hour suspension, workers will be paid 75% of theirsalaries, according to an agreement reached between the union andthe company, the report notes.

Headquartered in Turin, Italy, Fiat SpA (BIT:F) --http://www.fiatgroup.com/-- is principally engaged in the design, manufacture and sale of automobiles, trucks, wheel loaders,excavators, telehandlers, tractors and combine harvesters.Through its subsidiaries, Fiat operates mainly in five businessareas: Automobiles, including sectors led by Maserati SpA, FerrariSpA and Fiat Group Automobiles SpA, which design, produce and sellcars under the Fiat, Alfa Romeo, Lancia, Fiat Professional,Abarth, Ferrari and Maserati brands; Agricultural and ConstructionEquipment, which is led by Case New Holland Global NV; Trucks andCommercial Vehicles, which is led by Iveco SpA; Components andProduction Systems, which includes the sectors led by MagnetiMarelli Holding SpA, Teksid SpA, Comau SpA and Fiat PowertrainTechnologies SpA, and Other Businesses, which includes the sectorsled by Fiat Services SpA, a publishing house Editrice La StampaSpA and an advertising agency Publikompass SpA. With operationsin over 190 countries, the Group has 203 plants, 118 researchcenters, 633 companies and more than 198,000 employees.

* * *

As reported in the Troubled Company Reporter-Latin America onMay 1, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Fiat SpA to 'BB-' from 'BB'. "Weremoved the ratings from CreditWatch, where we had placed themwith negative implications on Feb. 6, 2012. This action didn'taffect the 'B' short-term rating. The outlook is stable," S&Psaid.

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BUTTERFIELD CAPITAL: Creditors' Proofs of Debt Due June 29----------------------------------------------------------The creditors of Butterfield Capital Appreciation Bond FundLimited are required to file their proofs of debt by June 29,2012, to be included in the company's dividend distribution.

BUTTERFIELD CAPITAL: Members' Final Meeting Set for July 17-----------------------------------------------------------The members of Butterfield Capital Appreciation Bond Fund Limitedwill hold their final meeting on July 17, 2012, at 9:30 a.m., toreceive the liquidator's report on the company's wind-upproceedings and property disposal.

BUTTERFIELD SYSTEMATIC: Creditors' Proofs of Debt Due June 29-------------------------------------------------------------The creditors of Butterfield Systematic Equity Fund Limited arerequired to file their proofs of debt by June 29, 2012, to beincluded in the company's dividend distribution.

BUTTERFIELD SYSTEMATIC: Members' Final Meeting Set for July 17--------------------------------------------------------------The members of Butterfield Systematic Equity Fund Limited willhold their final meeting on July 17, 2012, at 9:30 a.m., toreceive the liquidator's report on the company's wind-upproceedings and property disposal.

* BOLIVIA: Moody's Downgrades BFSRs on Two Banks to 'D-'--------------------------------------------------------Moody's Investors Service has downgraded the standalone bankfinancial strength ratings (BFSRs) of two Bolivian banks -- BancoMercantil S.A and Banco Solidario S.A., to D- from D, which mapsto a baseline credit assessment (BCA) of ba3 on the long-termscale. At the same time, Moody's has confirmed the standaloneBSFRs of four Bolivian banks -- Banco Bisa S.A ., Banco Nacionalde Bolivia S.A., Banco Los Andes Procredit S.A., and Banco deCr‚dito de Bolivia S.A. -- at D-, which maps to a BCA of ba3.

The rating actions conclude the review Moody's initiated on 15March 2012 in the context of its ongoing global review of allbanks whose standalone assessments are higher than the rating ofthe country in which they are domiciled, as discussed in therating implementation guidance "How Sovereign Credit Quality MayAffect Other Ratings," published 13 February 2012, and in thespecial comment "Banks and Sovereigns: Risk Correlations ConstrainStandalone Bank Credit Assessments," published 30 April 2012.

A list of the Affected Issuers and their Credit Ratings isavailable at:

Moody's has also reassessed its assumptions about the probabilityof government support for Bolivian banks in light of the decliningfinancial dollarization of the country's banking system. As aresult of this reassessment, the rating agency has upgraded thelocal currency deposit ratings of six banks and one leasingcompany by one notch, and has confirmed the local currency depositratings of four banks.

In addition, Moody's has upgraded the foreign currency depositratings of 11 banks and one leasing company, to B1 from B2,following the recent upgrade of the foreign currency depositceiling for Bolivia to B1 from B2.

Finally, Moody's has upgraded the national scale deposit and debtratings in local and foreign currency of six Bolivian banks andone leasing company by one notch.

All the revised ratings carry a stable outlook.

Ratings Rationale

DOWNGRADE OF STANDALONE RATINGS TO THE SOVEREIGN DEBT RATING LEVEL

The downgrade of the standalone ratings of Banco Mercantil andBanco Solidario reflects Moody's assessment that these banks'creditworthiness is highly correlated with the credit strength ofthe Bolivian government, taking into account (i) the extent towhich their businesses depend on the domestic macroeconomic andfinancial environment and (ii) their lack of cross-borderdiversification.

Moody's review indicated that there are few, if any, reasons tobelieve that these banks would be insulated from a government debtcrisis because they are primarily domestic institutions withmacroeconomic exposures similar to those of the sovereigngovernment, even though they have only moderate exposure todomestic sovereign debt.

CONFIRMATION OF STANDALONE RATINGS

In confirming the standalone ratings of Banco Bisa, Banco Nacionalde Bolivia, Banco Los Andes Procredit and Banco de Cr‚ditode Bolivia, Moody's took into account the recent upgrade of theBolivian government's debt rating, to Ba3 from B1. As a result ofthe action on the sovereign, the D- standalone BSFRs and ba3 BCAsof these banks remain unchanged, and are now aligned with thegovernment rating, reflecting Moody's opinion that theircreditworthiness is highly correlated with the government's creditstrength because of their primarily domestic businesses and lackof cross-border diversification.

LOCAL CURRENCY DEPOSIT AND DEBT RATINGS

Moody's deposit ratings incorporate assumptions about potentialexternal support from a parent institution, or regional ornational government. These assumptions reflect both the capacityand the willingness of such a third party to support a bank in theevent of stress.

The declining dollarization of Bolivian banks' assets andliabilities over the past several years has led Moody's toreassess its assumptions about the probability of governmentsupport that can be incorporated into the banks' deposit ratings,with the degree of uplift from such assumptions depending on abank's systemic importance as a deposit-taker and lender.

The deposit and debt ratings of the six banks whose standaloneprofiles are now positioned at the same level as the sovereignrating continue to benefit from one notch of uplift due togovernment and parental support assumptions. The deposit and debtratings of other four banks also benefit from one notch of uplift,in this case due to government support assumptions, given thebanks' systemic importance.

FOREIGN CURRENCY DEPOSITS AND DEBT RATINGS

The recent upgrade of Bolivia's country ceiling for foreigncurrency bank deposits, to B1 from B2, and for foreign currencybonds, to Ba2 from Ba3, has led to the upgrade of the foreigncurrency deposit ratings of 11 banks and one leasing company byone notch, and to the upgrade of the foreign currency debt ratingsof eight banks, also by one notch.

NATIONAL SCALE RATINGS

The upgrade of the global local currency deposit and issuerratings of five banks has led to the upgrade of their depositratings on the Bolivian national scale by one notch. The nationalscale debt ratings of three banks have also been upgraded by onenotch.

Moody's National Scale Ratings (NSRs) are intended as relativemeasures of creditworthiness among debt issues and issuers withina country, enabling market participants to better differentiaterelative risks. NSRs differ from Moody's global scale ratings inthat they are not globally comparable with the full universe ofMoody's rated entities, but only with NSRs for other rated debtissues and issuers within the same country. NSRs are designated bya ".nn" country modifier signifying the relevant country, as in".mx" for Mexico.

WHAT COULD MOVE THE RATINGS UP/DOWN

As the key drivers of the actions are largely structural innature, upward rating pressure is unlikely in the near term.Beyond the foreseeable future, a combination of an improvingoperating environment and an improvement in the credit riskprofile of the national government could positively influenceBolivian banks' ratings. Conversely, a deterioration in the banks'operating environment and/or a weakening of their standalonefinancial fundamentals could exert downward pressure on theratings.

National Scale local currency issuer rating upgraded to Aa1.bo,from Aa2.bo

Long-term local currency debt rating upgraded to Ba3, from B1

National scale local currency debt rating upgraded to Aa1.bo, fromAa2.bo

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AUTOMOTORES GILDEMEISTER: Moody's Affirms 'Ba1' CFR; Outlook Neg.-----------------------------------------------------------------Moody's Investors Service affirmed the Ba1 corporate family ratingas well as the Ba1 rating of the USD 400 million senior unsecurednotes due 2021 of Automotores Gildemeister S.A., and revised theratings outlook to negative from stable.

The change in outlook to negative from stable reflects thecompany's weakening credit profile with falling revenuesin Chile and pressures on margins. The outlook change alsoreflects Moody's expectation that the operating environment willlikely become more challenging during the remainder of the year,particularly in Chile, Gildemeister largest market, given thecurrent context of a more uncertain global economic and financialenvironment and high capex which will result in negative free cashflows and higher leverage. "Operating margins, which had alreadystarted to soften during the second half of last year, will likelycontinue to experience downwards pressure as Gildemeister needs toincrease spending on incentives, particularly in Chile", saidFilippe Goossens, Senior Vice President at Moody's America Latina.As Gildemeister is in the midst of a multi-year growth strategy,which includes the construction of new dealerships, an expansionof its spare parts facility and the building of a new headquartersbuilding in Santiago, Chile, Moody's now believes that cash flowwill not turn breakeven this year as previously expected resultingin the need for additional borrowings in order to preserve itsliquidity position. As a result, Moody's expects a number of keycredit metrics to weaken.

Year-to-date, unit sales of passenger cars and light commercialvehicles in Chile has declined by 5% following strong growth of21% and 67% in 2011 and 2010 respectively according to datapublished by ANAC, the Chilean Automobile Association . In Peru,year-to-date sales are up a strong 46% following an 26% increasefor all of 2011 according to ARAPEAR, ANAC's Peruvian counterpart.The strength of the Hyundai brand however has allowed Gildemeisterto continue to gain market share in both Chile (which stillaccounts for 61% of its revenues) and Peru. For example, accordingto the same data sources, during 1Q12, Gildemeister had a 13.0%share of the Chilean market for passenger cars and lightcommercial vehicles, largely driven by the strength of the Hyundaibrand (with a 11.0% share). In Moody's opinion, Gildemeister'smarket share in Chile has actually some further room forimprovement if not for the continued high demand for Hyundai inother global markets which is still creating a less than optimaldelivery schedule for the company. Similarly in Peru,Gildemeister's market share of its Hyundai brand increased by 200bps at the end of 1Q12 (to 14.9%) when compared to the same periodlast year, even if its overall share stayed flat at 17.9%.

Operating margins remained strong over the last twelve months froma historical perspective (11.4% at LTM 1Q12 vs 12.4% in 2011 and10.7% in 2010) but are likely to see additional pressure over thenext few quarters as Moody's believes that Gildemeister may haveto step up its marketing initiatives in a somewhat softer market.

Cash and cash equivalents at the end of 1Q12 stood at USD 87million, following a successful USD 100 million add-on to itsoutstanding USD 300 million senior unsecured notes due 2021.However, given the expected weaker sales environment, Moody's nowexpects free cash flow to remain negative for the year asGildemeister continues to invest in working capital and capitalexpenditures to pursue its growth strategies. Forexample, Moody's still expects Gildemeister to spend an additionalUSD 51 million during the remainder of the year as it continuesworking on the construction of a new headquarters buildingin Santiago Chile, constructs new dealerships on recently acquiredland, and continues to look for attractive land acquisitionopportunities.

As a result, Moody's expects Gildemeister to fund part of itsplanned expenditures through additional borrowings in order tomaintain ample liquidity. Consequently,Moody's expects debt toEBITDA leverage for the year to move up from its current LTM 3.2times. It remains Moody's assumption however that if there were tobe a meaningful reduction in economic activity in Chile and Peruas a result of a major deterioration in the global economic andfinancial environment that Gildemeister will adjust its capexspending and working capital investment in order to strengthen itsfinancial flexibility.

The rating or outlook could be upgraded, although unlikely overthe near term, if Gildemeister makes significant additionalimprovements in its corporate governance structure, is able tomaintain EBITDA margins above 13% despite its aggressive growthinitiatives, is able to generate consistently positive free cashflow and is able to maintain adjusted leverage of less than 2.5times.

Gildemeister's rating could be lowered if EBITDA margins droppedbelow 10%, the company is unable to generate positive free cashflow and if adjusted leverage increased to more than 3.5 times fora twelve month period. The rating could also be negativelyaffected to the extent the terms of the exclusivity agreement withHyundai were to be unfavorably altered.

The principal methodology used in rating Gildemeister was theGlobal Automotive Retailer Industry Methodology published inDecember 2009.

Gildemeister S.A., headquartered in Santiago, Chile, is one of thelargest importers and distributors in Chile and Peru operating anetwork of company-owned and franchised vehicle dealerships. Itsprincipal car brand is Hyundai for which it is the sole importerin both of its markets. During the last twelve months ended inMarch 2012, Gildemeister reported consolidated net revenues ofChilean Pesos 703.4 billion (about USD 1.45 billion converted bythe average exchange rate).

===========================C A Y M A N I S L A N D S===========================

AIHL acts as a holding company principally with respect to theinvestments of its parent company, Arcapita Bank. In addition,AIHL has entered into a series of guarantees and pledges inrespect of Arcapita's financing liabilities, which include (i) twosecured murabaha facilities with Standard Chartered Bank totaling$100 million which matured on March 28, 2012; (ii) and unsecuredsyndicated murabaha facility of $1.1 billion which matured onMarch 28, 2012 and (iii) a murabaha facility of $100 million dueto mature on Sept. 7, 2013. In addition, AIHL has an intercompanyloan, which is repayable on demand, in an amount of $455,914,763.AIHL was unable to pay, is unable to meet its obligations underthe guarantees and is likely to become unable to pay its debts.

Arcapita, as the sole shareholder of AIHL, passed a writtenresolution on March 18, 2012 requiring AIHL to be wound up by theGrand Court of the Cayman Islands, and seeking a stay of thewinding up petition and the appointment of joint provisionalliquidators pursuant to Section 104(3) of the Companies Law (2011Revision). On March 19, 2012, AIHL presented a petition to theCayman Court seeking its winding up by the Court. In conjunctionwith the Petition, AIHL also issued an ex parte summons to theCayman Court requesting the appointment of provisional liquidatorsand that the provisional liquidators be directed by the CaymanCourt to authorize the directors of AIHL to continue to exerciseall powers of management conferred on them by AIHL and to remainthe representatives of AIHL in its capacity as a debtor inpossession under s.1107 of the Bankruptcy Code (subject to thesupervision of the provisional liquidators).

Pursuant to an order of the Cayman Court dated March 19 and 20,2012 (and filed with the Cayman Court on March 21) the CaymanCourt ordered, among other matters, that (i) Gordon MacRae andSimon Appell of Zolfo Cooper LLP, be appointed joint provisionalliquidators of AIHL with the powers to act jointly and severallyunder section 104(3) of the Companies Law; and (ii) theProvisional Liquidators be directed by the Cayman Court toauthorize the directors of AIHL to continue to exercise all powersof management conferred on them by AIHL and to remain therepresentatives of AIHL in its capacity as a debtor in possessionunder section 1107 of the Bankruptcy Code (subject to thesupervision of the provisional liquidators).

The Committee said Walkers will, among others:

(a) advise the Committee with respect to all aspects of Cayman law;

(b) assist and advise the Committee on issues relative to Cayman law that may arise in the Cayman Insolvency Proceeding;

(c) attend hearings and monitors other developments in the Cayman Insolvency Proceeding; and

(d) perform such other legal services as may be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code.

Walkers has the largest dedicated insolvency group of any of theoffshore firms and has worked on many of the largest insolvencyand restructuring matters over the past decade including Enron,Parmalat, Fruit of the Loom, Bear Stearns and Lehman Brothers.

Neil Lupton, Esq., a partner in Walkers' Insolvency and CorporateRecovery Group, attests Walkers does not have any connection withor represent any other entity having an interest adverse to theDebtors, their creditors or any other party in interest, or theirattorneys, accountants or other professionals. Mr. Lupton saidWalkers is a "disinterested person" as that term is defined inSection 101(14) of the Bankruptcy Code.

Standard hourly rates charged by Walkers range from $800 to $900for partners, $700 to $750 for of counsel, $500 to $700 forassociates and senior attorneys, and $200 to $300 for legalassistants.

About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,2012. The Debtors said they do not have the liquidity necessaryto repay a US$1.1 billion syndicated unsecured facility when itcomes due on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant alternative investments and operates as an investmentbank. Arcapita is not a domestic bank licensed in the UnitedStates. Arcapita is headquartered in Bahrain and is regulatedunder an Islamic wholesale banking license issued by the CentralBank of Bahrain. The Arcapita Group employs 268 people and hasoffices in Atlanta, London, Hong Kong and Singapore in additionto its Bahrain headquarters. The Arcapita Group's principalactivities include investing on its own account and providinginvestment opportunities to third-party investors in conformitywith Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets undermanagement. On a consolidated basis, the Arcapita Group ownsassets valued at roughly US$3.06 billion and has liabilities ofroughly US$2.55 billion. The Debtors owe US$96.7 million undertwo secured facilities made available by Standard Chartered Bank.

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,2012. The Debtors said they do not have the liquidity necessaryto repay a US$1.1 billion syndicated unsecured facility when itcomes due on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant alternative investments and operates as an investmentbank. Arcapita is not a domestic bank licensed in the UnitedStates. Arcapita is headquartered in Bahrain and is regulatedunder an Islamic wholesale banking license issued by the CentralBank of Bahrain. The Arcapita Group employs 268 people and hasoffices in Atlanta, London, Hong Kong and Singapore in additionto its Bahrain headquarters. The Arcapita Group's principalactivities include investing on its own account and providinginvestment opportunities to third-party investors in conformitywith Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets undermanagement. On a consolidated basis, the Arcapita Group ownsassets valued at roughly US$3.06 billion and has liabilities ofroughly US$2.55 billion. The Debtors owe US$96.7 million undertwo secured facilities made available by Standard Chartered Bank.

ARCAPITA BANK: Can Make $30.4 Million Loan to Lusail Venture------------------------------------------------------------Arcapita Bank B.S.C.(c) and its debtor-affiliates obtainedpermission from the Bankruptcy Court to fund a $30,400,000 loan tofund payments due and owing under a lease governing Arcapita's useof property located within the only master-planned development inLusail City, near Doha, Qatar, and maintain Arcapita's indirectinterest in a joint venture, Lusail Golf Development LLC. Thepayments are due under a Land Purchase Agreement due June 1, 2012.

The property is currently undeveloped. It is contemplated thatthe Lusail Land will be developed into a residential real estategolf community. Significantly, this use could change in a wayhighly beneficial to the Debtors based on ongoing developments inconnection with the selection last year of Qatar as the site ofthe 2022 World Cup.

The Debtors said one of the key assets they seek to preserve is anoption to repurchase shares representing a 50% interest in theLusail Joint Venture. The Debtors said the Option, which isalready well "in the money," arises out of a series of agreementspursuant to which Arcapita, in a Shari'ah compliant manner,implemented a prepetition financing transaction with the QIB Groupwhich raised roughly $200 million; for Shari'ah reasons, thetransaction was structured as a sale of the Shares, together witha right to lease back the underlying land held by the Lusail JointVenture.

Arcapita received a right to buy back the Shares at any time priorto March 5, 2015, for a strike price of only $220 million. Ineffect, the sale of the Shares provided necessary working capitalfor the operation of Arcapita and its affiliates, the combinationof the lease payments and the Option exercise price compensatesQIB for entering into these series of agreements, and the Optioneffectively enables Arcapita and its affiliates to maintain theirinterest in the Lusail Joint Venture and realize the underlyingvalue of the Shares for the benefit of stakeholders of theArcapita Group. This is a structure that has frequently been usedby Arcapita, including in a prior agreement with QIB with respectto the very same Shares, to provide financing for Arcapita'sbusiness operations and investments in portfolio companies.

According to the Debtors, numerous direct benefits will inure tothe estates if the financing is authorized, chief among them being(a) Arcapita's Option to repurchase the valuable Shares will bepreserved; (b) the Arcapita Group's equity interest in the LusailJoint Venture will not be diluted by its joint venture partner;(c) Arcapita will not be compelled to sell its interests to itsjoint venture partner at an unreasonably low price; and (d) thevalue of the non-Debtor joint venture will be preserved byavoiding a potential default on the Land Purchase Agreement.

Pursuant to the Court Order, the Debtors will use their good faithefforts to have their nondebtor affiliates, consult with theOfficial Committee of Unsecured Creditors and the Cayman IslandsJoint Provisional Liquidators in Arcapita Investment HoldingsLimited's Cayman Islands proceedings and their advisors withrespect to any disposition of the Arcapita Group's interests inthe Lusail Joint Venture, on such terms and conditions as theDebtors agree.

About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,2012. The Debtors said they do not have the liquidity necessaryto repay a US$1.1 billion syndicated unsecured facility when itcomes due on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant alternative investments and operates as an investmentbank. Arcapita is not a domestic bank licensed in the UnitedStates. Arcapita is headquartered in Bahrain and is regulatedunder an Islamic wholesale banking license issued by the CentralBank of Bahrain. The Arcapita Group employs 268 people and hasoffices in Atlanta, London, Hong Kong and Singapore in additionto its Bahrain headquarters. The Arcapita Group's principalactivities include investing on its own account and providinginvestment opportunities to third-party investors in conformitywith Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets undermanagement. On a consolidated basis, the Arcapita Group ownsassets valued at roughly US$3.06 billion and has liabilities ofroughly US$2.55 billion. The Debtors owe US$96.7 million undertwo secured facilities made available by Standard Chartered Bank.

Judge Sean Lane granted the request of Arcapita Bank B.S.C.(c) andits subsidiaries, including Falcon, for entry of an orderdirecting that orders entered in the chapter 11 cases of theDebtors be made applicable to Falcon. The Court, however,directed the Debtors to give Tide notice of the amount of and therecipient of any payments made pursuant to the Court's Final Order(a) Authorizing the Debtors to Continue Insurance Coverage EnteredInto Prepetition and To Pay Obligations Relating Thereto; and (b)Authorizing Financial Institutions to Honor and Process RelatedChecks and Transfers; and Order Authorizing Debtor to Employ andRetain Certain Professionals Utilized in the Ordinary Course ofthe Debtors' Business. The Debtors will also identify anyintercompany transactions made to or by Falcon in accordance withthe Company's budget.

Tide owns a gas storage facility in Texas purchased from Falcon inApril 2010 for $515 million. At the time, $70 million was placedinto escrow with a bank in case Tide later made claims to recoversome of the purchase price. Saying there were misrepresentations,Tide sued Falcon in August 2010 in U.S. District Court in New Yorkto recover the $70 million escrow. A motion by Falcon to dismissthe suit failed, Tide said.

Falcon has no remaining employees or cash flow, Tide says, andthere is no reason for the complicated proceedings in Arcapita'scase to burden the straightforward Falcon reorganization. Tidealleges that Falcon's Chapter 11 is "an attempt to forum shop fora more favorable ruling," referring to the district judge'srefusal so far to give Falcon the $70 million.

Arcapita fired back at Tide's opposition, calling it misguided.Arcapita said Tide's Objection is "nothing more than an attempt tomuddy the waters by raising unrelated substantive issues that areat the center of the litigation between Falcon and Tide that arebetter resolved at later stages in the case into what is otherwisea straightforward and purely procedural motion. " Arcapita pointedout its request was simply an effort to save the unnecessaryadministrative costs of preparing largely duplicative "first day"motions and to preserve the value of their estates, a goal that ismutually beneficial to both Falcon and its creditors. The requestdid not attempt to resolve -- nor would it have been appropriatefor it to do so -- any of the substantive issues in the claimsthat Tide alleged against both Falcon and Arcapita Bank.

About Arcapita Bank

Arcapita Bank B.S.C., also known as First Islamic Investment BankB.S.C., along with affiliates, filed for Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 12-11076) in Manhattan on March 19,2012. The Debtors said they do not have the liquidity necessaryto repay a US$1.1 billion syndicated unsecured facility when itcomes due on March 28, 2012.

Founded in 1996, Arcapita is a global manager of Shari'ah-compliant alternative investments and operates as an investmentbank. Arcapita is not a domestic bank licensed in the UnitedStates. Arcapita is headquartered in Bahrain and is regulatedunder an Islamic wholesale banking license issued by the CentralBank of Bahrain. The Arcapita Group employs 268 people and hasoffices in Atlanta, London, Hong Kong and Singapore in additionto its Bahrain headquarters. The Arcapita Group's principalactivities include investing on its own account and providinginvestment opportunities to third-party investors in conformitywith Islamic Shari'ah rules and principles.

The Arcapita Group has roughly US$7 billion in assets undermanagement. On a consolidated basis, the Arcapita Group ownsassets valued at roughly US$3.06 billion and has liabilities ofroughly US$2.55 billion. The Debtors owe US$96.7 million undertwo secured facilities made available by Standard Chartered Bank.

AI SYSTEMATIC: Creditors' Proofs of Debt Due June 15----------------------------------------------------The creditors of AI Systematic Management Ltd. are required tofile their proofs of debt by June 15, 2012, to be included in thecompany's dividend distribution.

CADFILE LTD: Creditors' Proofs of Debt Due July 3-------------------------------------------------The creditors of Cadfile Ltd. are required to file their proofs ofdebt by July 3, 2012, to be included in the company's dividenddistribution.

CHINESEWORLDNET.COM INC: Auditor Raises Going Concern Doubt----------------------------------------------------------Vancouver, Canada-based MNP LLP, Chartered Accountants, said in anApril 27, 2012 report that there is substantial doubt on theability of Chineseworldnet.Com Inc. to continue as a goingconcern.

MNP audited the Company's consolidated balance sheet as at Dec.31, 2011, the related consolidated statements of stockholders'equity, operations and comprehensive income (loss) and cash flowsfor the year then ended.

MNP said the Company had recurring losses and requires additionalfunds to maintain its planned operations. These factors raisesubstantial doubt about its ability to continue as a goingconcern.

For the year ended Dec. 31, 2011, the Company recorded a netincome of $138,040 with a net income of $198,966 attributable tocommon stockholders, compared to a net income of $296,604 of which$188,746 was attributable to common stockholders for the yearended Dec. 31, 2010. The decrease of net income of $158,564 wasprimarily due to the increase of salary expenditures, therecognition of deferred income tax expenses as well as loss inforeign exchange transactions. In Fiscal 2011, the Companyrecorded revenue of $1,675,875 compared to $1,733,329 in Fiscal2010. The decrease of revenue of $57,454 was primarily due to theconsolidation of the operation result for CWN Capital in Fiscal2010.

The Company said the continued weakened western economy has causedincreased demand for access to Chinese sources of funding for itstargeted client companies as well as increased demand forinformation by individual investors was the primary factor of itscontinued increases of overall revenue. The Company generatesrevenue from its Portal, IR/PR and Conference businesses. TheCompany's revenue sources come from these products and servicesoffered -- GCFF Conference Business, Road Show Business, VariousIR/PR Service, Chinese Webpage Design, Hosting and Maintenance,and Online Marketing Service. Other revenue sources includeBanner Advertising, Publication Service, CWN Membership and OnlineService, Translation Service, and others.

The Company also said China's emergence as a global economic powerand the continued weakness of the North American capital marketshave had a positive impact on its businesses in Fiscal 2010 andFiscal 2011 as shown in increased revenues, client base andconference attendance and sales. As the Company's businessdevelopment strategies in the Greater China region continued tomature, the Company has significantly increased the revenues fromits GCFF Conference Business and all other aspects of itsbusinesses showed positive growth in sales revenue, other than theCWN Membership and Online Service. Going forward, with theCompany said its established networks of partners and sponsors inboth North America and China and its continued successfulimplementation of various strategies and models, the Company seescontinued growth in overall revenue.

As of Dec. 31, 2011, the Company had total assets of $3,182,417against total liabilities, all current, of $1,123,354.

A copy of the Company's Annual Report filed with the U.S.Securities and Exchange Commission on Form 20-F for the fiscalyear ended Dec. 31, 2011, is available athttp://is.gd/cw0Hni

About ChineseWorldNet.Com

ChineseWorldNet.Com Inc., incorporated under the Company Law (1998revision) of the Cayman Islands on Jan. 12, 2000, has fourprincipal businesses: (1) the financial web portal business,conducted under the ChineseWorldNet.com brand via thewww.chineseworldnet.com Web site; (2) the investor relations andpublic relations business, conducted under the NAI500 brand via anumber of media channels including the www.nai500.com anden.nai500.com Web sites, as well as certain other promotionalservices; (3) the North America and Greater China cross-borderbusiness partnering conferences business, conducted via the brandof Global Chinese Financial Forum and its www.gcff.ca Web site;and (4) the financial content and information distributionbusiness.

The www.chineseworldnet.com Web site is a web-based portal thatprovides up-to-date financial content and information andfinancial management tools in the Chinese language targeting theChinese investor community in North America. The Portal businessprovides financial news and covers corporate information of morethan 98% of the listed stocks on major North American exchangemarkets, including New York Stock Exchange, American StockExchange, NASDAQ Stock Market, OTC Bulletin Board, Toronto StockExchange, and Toronto Venture Exchange.

LAPSTONE LIMITED: Creditors' Proofs of Debt Due June 27-------------------------------------------------------The creditors of Lapstone Limited are required to file theirproofs of debt by June 27, 2012, to be included in the company'sdividend distribution.

OUCHY CORPORATION: Members' Final Meeting Set for July 6--------------------------------------------------------The members of Ouchy Corporation will hold their final meeting onJuly 6, 2012, at 10:00 a.m., to receive the liquidator's report onthe company's wind-up proceedings and property disposal.

The company's liquidator is:

Ezequiel A. Camerini Fox & Horan, Camerini LLP 825 Third Avenue, 12th Floor New York, New York 10022 United States of America

PACIFIC MINING: Creditors' Proofs of Debt Due June 29-----------------------------------------------------The creditors of Pacific Mining Limited are required to file theirproofs of debt by June 29, 2012, to be included in the company'sdividend distribution.

RREEF REFLEX: Member to Receive Wind-Up Report on July 2--------------------------------------------------------The member of RREEF Reflex Fund Ltd. will receive on July 2, 2012,at 9:00 a.m., the liquidator's report on the company's wind-upproceedings and property disposal.

WABUSH LIMITED: Creditors' Proofs of Debt Due June 27-----------------------------------------------------The creditors of Wabush Limited are required to file their proofsof debt by June 27, 2012, to be included in the company's dividenddistribution.

The review was prompted by Comerci's announcement on June 14, 2012that it has reached an agreement with Costco Wholesale Corporationto sell its 50% stake in Costco de Mexico, S.A. de C.V. (Costco)for MXN10,650 million. The transaction also contemplates anextraordinary cash dividend from Costco de Mexico forapproximately MXN2,400 million related to Costco de Mexico'saccumulated earnings. Comerci plans to use the proceeds from thedividends and the sale of Costco, totaling around MXN13,050million, to prepay existing debt. The transaction has beenapproved by Comerci's board but still requires approval from theantitrust authorities (Cofeco) and will be voted in Comerci'sshareholder's meeting on June 29, 2012. Comerci estimates debtprepayments to take place in July and August of 2012 andafterwards refinance debt of approximately MXN3,563 million (theMXN1,457 million Certificados Burs tiles due 2016 would not berefinanced) in September 2012.

This transaction will substantially reduce Comerci's debt andimprove its financial flexibility and credit metrics. As of March31, 2012, Comerci reported total debt of MXN18,079 million whichtranslates into an adjusted debt/EBITDA of 5.25x. Moody'sestimates that pro-forma, after the debt prepayment, Comerci'stotal debt would be around MXN5,020 million.Similarly, Moody's estimates pro-forma Moody's adjusteddebt/EBITDA of 2.18x and adjusted EBIT/Interest expense of 3.80x.

Controladora Comercial Mexicana, S.A.B. de C.V., headquarteredin Mexico City, is Mexico's third largest food and generalmerchandise retailer with revenues of MXN44,100 million in thelast twelve months ended March 31, 2012. Comerci operates 199stores under seven formats with a total selling area of 1.3million square meters. Comerci has a nationwide presence withabout 70% of its selling floor concentrated in the MexicoCity metropolitan area and the country's central region. Thecompany is also present in Mexico's family-style conveniencerestaurant segment, with its "California" and "Beer Factory"restaurants throughout the country. Comerci is family controlled,by the Gonz lez Nova family, with approximately 36% of its sharestraded on the Mexican stock exchange.

At the same time, Moody's downgraded CESPT's debt ratings of theMXN 280 enhanced loan from Banorte to A1.mx and Ba1 from Aa3.mxand Baa3, respectively.

Ratings Rationale

"The downgrade of CESPT's issuer rating reflects structuralchanges in its operating framework that have led to the recordingof negative operating margins and greatly reduce the company'sfinancial flexibility and capacity to limit further debtincreases", according to Moody's analyst Maria de Carmen Martinez-Richa.

Operating revenue growth had been supported by tariff increasesthat roughly matched operating expenditures increases. However, inrecent years, tariff increases have been limited to reflectinflation and cost rigidities have become acute. As a result, in2011, the operating expenditure outpaced operating revenues,increasing by 20.2% and 4.8%, respectively. Therefore, CESPTrecorded a negative operating margin equivalent to -6.8% ofoperating revenue. In 2012, water tariffs will again be adjustedby inflation. Lack of capacity to increase tariffs beyondinflation and a more rigid cost structure, lead us to believe thatit will be very difficult for CESPT to revert this deteriorationin the near term.

CESPT has recorded negative consolidated financial results mainlydriven by high capital expenditures. Between 2007 and 2011, cashfinancing requirements averaged -- 7.3% of total revenues. As aresult, debt levels have remained at a high level. Net direct andindirect debt stood at 92.2% of total revenues in 2011. While debtlevels remained relatively stable in the last three years, giventhe operating margin deterioration and important infrastructureneeds, debt levels may further increase or liquidity levels mayweaken.

The revision of the ratings outlook to negative acknowledges thechallenges to redress financial performance given limited tariffincreases and more acute cost rigidities and to limit debt levels.

The ratings downgrade of the MXN 280 million enhanced loanreflects the downgrade of CESPT's issuer ratings. The ratingsrationale reflects the strength derived from credit enhancementsembedded in the enhanced loan, offset by Moody's assessment thatthe underlying credit risks of the loan are, nevertheless,undistinguishable from the issuer ratings assigned to CESPT.

WHAT COULD CHANGE THE RATING UP/DOWN

Although Moody's does not anticipate upward pressure over the nearto medium term, the outlook could be stabilized if operatingmargins strengthen and annual borrowing needs remain low. Lack ofsubstantial water tariffs increases in 2013 to support therecording of positive operating margins would exert downwardpressure on ratings.

Given the links between the loan and the credit quality of theobligor, a downgrade of CESPT's issuer ratings could also exertdownward pressure on debt ratings for the loans. Conversely, anupgrade of CESPT's issuer ratings could result in an upgrade ofthe ratings on the loans.

The methodologies used in this rating were "Government-RelatedIssuers: Methodology Update" published in July 2010, "Moody'sApproach to Rating Mexican States' Securitizations Backed byFuture Flows of Own-Source Revenues" published in September 2008and "Mapping Moody's National Scale Ratings to Global ScaleRatings" published in March 2011.

The date of the last Credit Rating Action was 16 March 2011.

VITRO SAB: US Ruling Effectively Precludes Mexican Plan-------------------------------------------------------Bill Rochelle, the bankruptcy columnist for Bloomberg News,reports that Vitro SAB was effectively precluded from enforcingits Mexican reorganization plan in the U.S. Holders of 60% of$1.2 billion in defaulted bonds convinced U.S. Bankruptcy JudgeHarlin "Cooter" Hale in Dallas June 13 that the Mexicanreorganization was "manifestly contrary" to U.S. public policybecause it bars the bondholders from holding Vitro operatingsubsidiaries liable to pay on their guarantees of the bonds. Thesubsidiaries weren't in bankruptcy in either Mexico or the U.S.

According to the report, in the June 13 ruling, Judge Hale deniedVitro's request to enforce the reorganization in the U.S. Vitro'sreorganization was approved by a court in Mexico earlier this yearover bondholder objections. But bondholders objected to the Vitroplan on several grounds. The bondholders argued successfully thatit was improper to use the Vitro parent's bankruptcy to extinguishthe non-bankrupt subsidiaries' liability on guarantees. Inaddition, the bondholders contended it was improper for Vitro'sshareholders to retain ownership when creditors were objecting andnot fully paid. Bondholders also argued that the plan was approvedin Mexico by using $1.9 billion of intercompany claims to votedown opposition from third-party creditors.

The report continues that in his 29-page opinion, Judge Hale saidthe Mexican plan was defective because Vitro failed to showrequisite "extraordinary circumstances" to justify using theparent's bankruptcy as a bar to enforcing claims against non-bankrupt operating subsidiaries. He said the plan didn'tsufficiently protect interests of U.S. creditors and was"manifestly contrary" to U.S. public policy by extinguishingclaims against subsidiaries. Judge Hale said there were other"strong objections" raised by bondholders that he didn't need todecide because he already found the reorganization plan defective.Judge Hale's opinion kept the door open for bondholders to raisethe additional issues on appeal.

Judge Hale, the report relates, said there was "evidence of atleast suspect voting" because Vitro used insider votes to "swamp"noteholders' votes in opposition. He also said the Mexican planwas "demonstrably" different from what would occur in the U.S.because Vitro shareholders are retaining $500 million of valuewhen bondholders aren't being fully paid.

Bondholders, according to the report, already began obtainingjudgments against Vitro subsidiaries on the defaulted bonds.Judge Hale had precluded bondholders from enforcing the judgmentspending his decision. To give Vitro an opportunity to appeal,Judge Hale isn't allowing bondholders to enforce their judgmentsuntil June 29. Any stays after that must come from appellatecourts, Judge Hale said.

Judge Hale made several rulings in Vitro's favor. He didn't findthat Mexican courts are corrupt. The judge said he couldn'tconclude that enforcing the Mexican plan would adversely affectcredit markets. "On the whole," Judge Hale couldn't say that theMexican proceedings were unfair.

Mr. Rochelle notes that Judge Hale evidently is allowing theMexican plan to be enforced as to the Vitro parent. Given thatthe assets and revenue are in the subsidiaries, it isn't clear howuseful the Mexican plan will be for the Vitro parent in terms ofenforcement in the U.S. Vitro said in a statement it will take an"immediate appeal." The company said that Hale's decision was thefirst time in the 12-year history of the Mexican law that a U.S.court had refused to enforce a reorganization. Previously, Vitrodescribed the bondholders as "vultures" who purchased the debt atdiscount.

Memorandum Opinion

"Generally, reorganization pursuant to the [Ley de ConcursosMercantiles] is found to be a fair process, worthy of respect. Inother and subsequent cases this Court would expect that Concursodecisions would be enforced in this country. However, if approvedfor enforcement, the present order would create precedent withoutany seeming bounds. The Concurso plan presently before the Courtdischarges the unsecured debt of non-debtor subsidiaries. What isto prevent this type of plan from eventually giving non-consensualreleases to discharge the liabilities of officers, directors, andany other person?" Judge Hale said.

"Because of the importance of this case to the financial and legalcommunity, the Court will stay its decision until June 29, 2012,at 5:00 p.m. Central Daylight Time, and will maintain the TRO forfourteen days to allow Vitro time to appeal and to seek a stay onappeal. Any further stay or extension of the TRO should be soughtfrom the district court or court of appeals."

A copy of Judge Hale's July 13 Memorandum Opinion is available athttp://is.gd/5iKf4hfrom Leagle.com.

Financial Restructuring to Be Enforced

In its press release following the ruling, Vitro said the U.S.Bankruptcy Court in Dallas, Texas, has ruled that it will enforcein the U.S., in part, the terms of the financial restructuring ofVitro's Mexican Plan of Reorganization. Specifically, theBankruptcy Court agreed to enforce in the U.S. the Company'sMexican Plan of Reorganization with respect to Vitro SAB, but didnot enforce the release of Vitro's subsidiaries from liability ontheir guarantee obligations under Vitro's now-restructured notes.Vitro intends to immediately appeal the Bankruptcy Court's refusalto enforce the Vitro restructuring at the subsidiary level to theUnited States Court of Appeals for the Fifth Circuit.

The ruling by Hon. Harlin D. Hale recognizes that the Mexicanbankruptcy process affords all creditors fundamental fairness anddue process, as required by Chapter 15 of the U.S. Bankruptcy Codein order to enforce a restructuring plan approved in a foreignproceeding. Although the Bankruptcy Court refused to enforce therelease of Vitro's subsidiaries, which was also approved by theMexican Court, Vitro does not anticipate this refusal willmaterially impact Vitro's ability to serve its U.S. customers, andnotes that one of its key subsidiaries in the supply of productsto U.S. customers is currently protected as a debtor in a separateand distinct Concurso proceeding in Mexico.

Regarding its plan to appeal a portion of the ruling, Mr. DelValle stated: "We will defend the enforcement of Vitro'srestructuring at the subsidiary level in the U.S."

Vitro's restructuring complied with applicable Mexican bankruptcylaw which, since its enactment in 2000 by the Mexican legislature,has been recognized by U.S. courts in Chapter 15 proceedingswithout exception as providing fair, clear rules for theadministration of multinational restructurings such as Vitro's.Notably, no U.S. bankruptcy court has ever denied a request toenforce a plan of reorganization approved under the Mexicanbankruptcy law in its 12 year history.

Despite one of the highest recoveries in the history of suchprocesses in Mexico, the dissident funds have and continue tointentionally try to risk the destruction of Vitro's businessesfor the mere prospect, not guarantee, of a higher return on theirinvestment. The portion of the Bankruptcy Court's decisionenforcing the company's Plan of Reorganization in the U.S. withrespect to Vitro SAB represents another loss for the group ofdissident bondholders that waged a strong opposition toenforcement of the Chapter 15 ruling. Vitro anticipates thedissident bondholder group will appeal this portion of thedecision, also to the United States Court of Appeals for the FifthCircuit.

Public Policy

Vitro SAB in late May filed an 84-page brief explaining why thereorganization plan approved this year by a court in Mexico isn't"manifestly contrary to the public policy of the U.S." andtherefore must be enforced in the U.S. Vitro's brief rebutsbondholders' arguments that plan approval was improperly won byuse of $1.9 billion in insider votes to overcome opposition fromholders of 60% of the $1.2 billion in defaulted bonds. Bondholdersalso object to how the Mexican reorganization allows currentowners to maintain control even though creditors aren't paid infull. Vitro points to other cases where U.S. judges concludedthat Mexico affords due process and its orders should be enforcedin the U.S. The glassmaker argues that the bondholders should bebound by rulings from the Mexican court because they appeared inMexico and opposed, albeit unsuccessfully.

About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:VITROA; NYSE: VTO), through its two subsidiaries, Vitro EnvasesNorteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a globalglass producer, serving the construction and automotive glassmarkets and glass containers needs of the food, beverage, wine,liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flatglass in Mexico, with consolidated net sales in 2009 of MXN23,991million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructurearound US$1.5 billion in debt, including US$1.2 billion in notes.Vitro launched an offer to buy back or swap US$1.2 billion in debtfrom bondholders. The tender offer would be consummated with abankruptcy filing in Mexico and Chapter 15 filing in the UnitedStates. Vitro said noteholders would recover as much as 73% byexchanging existing debt for cash, new debt or convertible bonds.

Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for apre-packaged Concurso Plan in the Federal District Court forCivil and Labor Matters for the State of Nuevo Leon, commencingits voluntary concurso mercantil proceedings -- the Mexicanequivalent of a prepackaged Chapter 11 reorganization. Vitro SABalso commenced parallel proceedings under Chapter 15 of the U.S.Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattanon Dec. 13, 2010, to seek U.S. recognition and deference to itsbankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the ConcursoMercantil proceedings. But an appellate court in Mexicoreinstated the reorganization in April 2011. Following thereinstatement, Vitro SAB on April 14, 2011, re-filed a petitionfor recognition of its Mexican reorganization in U.S. BankruptcyCourt in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of itsreorganization by using the US$1.9 billion in debt owing tosubsidiaries to vote down opposition by bondholders. The holdersof US$1.2 billion in defaulted bonds opposed the Mexicanreorganization plan because shareholders could retain ownershipwhile bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented thereorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block anycreditor suits in the U.S. pending the reorganization in Mexico.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigationcounsel to analyze the potential rights that Vitro may exercisein the United States against the ad hoc group of dissidentbondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of VitroNoteholders -- comprised of holders, or investment advisors toholders, which represent approximately US$650 million of theSenior Notes due 2012, 2013 and 2017 issued by Vitro -- was notamong the Chapter 11 petitioners, although the group hasexpressed concerns over the exchange offer. The group says theexchange offer exposes Noteholders who consent to potentialadverse consequences that have not been disclosed by Vitro. Thegroup is represented by John Cunningham, Esq., and RichardKebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntaryChapter 11 petitions filed against four U.S. subsidiaries. OnApril 6, 2011, Vitro SAB agreed to put Vitro units -- VitroAmerica LLC and three other U.S. subsidiaries -- that weresubject to the involuntary petitions into voluntary Chapter 11.The Texas Court on April 21 denied involuntary petitions againstthe eight U.S. subsidiaries that didn't consent to being inChapter 11.

The U.S. Vitro companies sold their assets to American GlassEnterprises LLC, an affiliate of Sun Capital Partners Inc., forUS$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted toliquidations in Chapter 7, court records in January 2012 show. InDecember, the U.S. Trustee in Dallas filed a motion to convert thesubsidiaries' cases to liquidations in Chapter 7. The JusticeDepartment's bankruptcy watchdog said US$5.1 million in bills wererun up in bankruptcy and hadn't been paid.

VITRO SAB: Disappointed by US Court's Clarification on Plan Order-----------------------------------------------------------------Vitro S.A.B. de C.V. disclosed that the U.S. Bankruptcy Court inDallas, Texas, has issued a clarification to its June 13, 2012opinion regarding enforcement in the U.S. of Vitro's financialrestructuring. The Bankruptcy Court's clarification order madeclear that enforcement in the United States of Vitro's Mexicancourt-approved Concurso plan was denied in its entirety. Vitrointends to immediately seek appeal to the United States Court ofAppeals for the Fifth Circuit.

"We are disappointed by the judge's clarification in this matter,and will appeal this decision," said Claudio Del Valle, Vitro'sChief Restructuring Officer. Mr. del Valle added, "We willcontinue to defend the enforcement of our restructuring."

Vitro's restructuring complied with applicable Mexican bankruptcylaw which, since its enactment in 2000 by the Mexican legislature,has been recognized by U.S. courts in Chapter 15 proceedingswithout exception as providing fair, clear rules for theadministration of multinational restructurings such as Vitro's.Notably, no U.S. bankruptcy court has ever denied a request toenforce a plan of reorganization approved under the Mexicanbankruptcy law in its 12 year history.

About Vitro SAB

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:VITROA; NYSE: VTO), through its two subsidiaries, Vitro EnvasesNorteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a globalglass producer, serving the construction and automotive glassmarkets and glass containers needs of the food, beverage, wine,liquor, cosmetics and pharmaceutical industries.

Vitro is the largest manufacturer of glass containers and flatglass in Mexico, with consolidated net sales in 2009 of MXN23,991million (US$1.837 billion).

Vitro defaulted on its debt in 2009, and sought to restructurearound US$1.5 billion in debt, including US$1.2 billion in notes.Vitro launched an offer to buy back or swap US$1.2 billion in debtfrom bondholders. The tender offer would be consummated with abankruptcy filing in Mexico and Chapter 15 filing in the UnitedStates. Vitro said noteholders would recover as much as 73% byexchanging existing debt for cash, new debt or convertible bonds.

Concurso Mercantil & Chapter 15 Proceedings

Vitro SAB on Dec. 13, 2010, filed its voluntary petition for apre-packaged Concurso Plan in the Federal District Court forCivil and Labor Matters for the State of Nuevo Leon, commencingits voluntary concurso mercantil proceedings -- the Mexicanequivalent of a prepackaged Chapter 11 reorganization. Vitro SABalso commenced parallel proceedings under Chapter 15 of the U.S.Bankruptcy Code (Bankr. S.D.N.Y. Case No. 10-16619) in Manhattanon Dec. 13, 2010, to seek U.S. recognition and deference to itsbankruptcy proceedings in Mexico.

Early in January 2011, the Mexican Court dismissed the ConcursoMercantil proceedings. But an appellate court in Mexicoreinstated the reorganization in April 2011. Following thereinstatement, Vitro SAB on April 14, 2011, re-filed a petitionfor recognition of its Mexican reorganization in U.S. BankruptcyCourt in Manhattan (Bankr. S.D.N.Y. Case No. 11- 11754).

The Vitro parent received sufficient acceptances of itsreorganization by using the US$1.9 billion in debt owing tosubsidiaries to vote down opposition by bondholders. The holdersof US$1.2 billion in defaulted bonds opposed the Mexicanreorganization plan because shareholders could retain ownershipwhile bondholders aren't being paid in full.

Vitro announced in March 2012 that it has implemented thereorganization plan approved by a judge in Monterrey, Mexico.

In the present Chapter 15 case, the Debtor seeks to block anycreditor suits in the U.S. pending the reorganization in Mexico.

Vitro engaged Susman Godfrey, L.L.P. as U.S. special litigationcounsel to analyze the potential rights that Vitro may exercisein the United States against the ad hoc group of dissidentbondholders and its advisors.

A larger group of noteholders, known as the Ad Hoc Group of VitroNoteholders -- comprised of holders, or investment advisors toholders, which represent approximately US$650 million of theSenior Notes due 2012, 2013 and 2017 issued by Vitro -- was notamong the Chapter 11 petitioners, although the group hasexpressed concerns over the exchange offer. The group says theexchange offer exposes Noteholders who consent to potentialadverse consequences that have not been disclosed by Vitro. Thegroup is represented by John Cunningham, Esq., and RichardKebrdle, Esq. at White & Case LLP.

A bankruptcy judge in Fort Worth, Texas, denied involuntaryChapter 11 petitions filed against four U.S. subsidiaries. OnApril 6, 2011, Vitro SAB agreed to put Vitro units -- VitroAmerica LLC and three other U.S. subsidiaries -- that weresubject to the involuntary petitions into voluntary Chapter 11.The Texas Court on April 21 denied involuntary petitions againstthe eight U.S. subsidiaries that didn't consent to being inChapter 11.

The U.S. Vitro companies sold their assets to American GlassEnterprises LLC, an affiliate of Sun Capital Partners Inc., forUS$55 million.

U.S. subsidiaries of Vitro SAB are having their cases converted toliquidations in Chapter 7, court records in January 2012 show. InDecember, the U.S. Trustee in Dallas filed a motion to convert thesubsidiaries' cases to liquidations in Chapter 7. The JusticeDepartment's bankruptcy watchdog said US$5.1 million in bills wererun up in bankruptcy and hadn't been paid.

OLINT CORP: PNP May Not Refund Firm, Chairman Says--------------------------------------------------Jamaica Gleaner reports that Robert Pickersgill, the chairman ofthe governing People's National Party, said his party is not atthis time considering to refund campaign donations it receivedfrom Olint Corporation Limited.

"From a moral standpoint, we do not feel compelled to refund themoney because although Olint operations in Jamaica has been thesubject of regulatory action, because it did not have a securitiesdealer license, it had moved its operations to the Turks andCaicos Islands and was apparently welcomed and licensed to operatethere," Pickersgill told Jamaica Gleaner in an interview. "At thetime the party received these funds in August 2007, by allaccounts, it was paying its obligations to investors as they felldue and there was no hint of any insolvency," Mr. Pickersgilladded, according to Jamaica Gleaner.

Jamaica Gleaner notes that the PNP said following itsinvestigations, it was discovered that US$1 million was receivedin an account on its behalf and spent in the party's electioncampaign.

The report relays that PNP said the money was not given as a giftto former prime minister and PNP president, P.J. Patterson, as wasalleged by a confiscation order.

"Our enquiries confirm that he neither obtained nor received thisamount or any portion of it in cash or kind. All the availableevidence reveals that at no time was he told or made aware of thedeposit or any disbursements made from it," Mr. Pickersgill saidin a statement obtained by the news agency.

The PNP said regarding the confiscation order's reference to agift of US$2 million to the party, its investigations have notidentified any such amount, Jamaica Gleaner notes.

As reported in the Troubled Company Reporter-Latin America onAug. 15, 2011, Caribbean360.com said that Mr. Smith was sentencedto 30 years in a U.S. federal jail for defrauding thousands ofinvestors through a Ponzi scheme. Before serving the sentenceMr. Smith will be returned to the Turks and Caicos Islands toserve a six-and-a-half-year sentence that was imposed inSeptember 2010 after he pleaded guilty to fraud and conspiracycharges, stemming from the same Olint scheme, according toCaribbean360.com. The report related that American authoritieswill seek his extradition after he completes the jail time in theCaribbean island. Caribbean360.com noted that U.S. DistrictJudge Mary Scriven has ordered that Mr. Smith's federal sentencerun concurrently with his sentence in the TCI, which means hewill spend just under 24 years in U.S. jail.

Olint Corporation Limited was an investment club owned by DavidSmith.

* * *

As reported in the Troubled Company Reporter-Latin America onAug. 31, 2010, RadioJamaica said United States authorities soughtto extradite Mr. Smith from Turks and Caicos Islands for hisinvolvement in financial fraud cases. The Jamaica Gleaner saidthat Mr. Smith was indicted on 23 charges in the United States.The report related that the indictment handed down in the U.S.District Court for the Middle District of Florida, OrlandoDivision, charged Mr. Smith with four counts of wire fraud, onecount of conspiracy to commit money laundering and 18 counts ofmoney laundering to conceal specified unlawful activity.Caribbean News Now related that Mr. Smith defrauded more thanUS$200 million from thousands of investors in Jamaica, the Turksand Caicos Islands and Florida.

Monday's edition of the TCR-LA delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-LA editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The MondayBond Pricing table is compiled on the Friday prior to publication.Prices reported are not intended to reflect actual trades. Pricesfor actual trades are probably different. Our objective is toshare information, not make markets in publicly traded securities.Nothing in the TCR-LA constitutes an offer or solicitation to buyor sell any security of any kind. It is likely that some entityaffiliated with a TCR-LA editor holds some position in theissuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historical costnet of depreciation may understate the true value of a firm'sassets. A company may establish reserves on its balance sheet forliabilities that may never materialize. The prices at whichequity securities trade in public market are determined by morethan a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in eachThursday's edition of the TCR-LA. Submissions about insolvency-related conferences are encouraged. Send announcements toconferences@bankrupt.com

This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding, electronicre-mailing and photocopying) is strictly prohibited without priorwritten permission of the publishers.

Information contained herein is obtained from sources believed tobe reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,delivered via e-mail. Additional e-mail subscriptions for membersof the same firm for the term of the initial subscription orbalance thereof are US$25 each. For subscription information,contact Peter Chapman at 240/629-3300.